Small cap stock, Deepak Nitrite has hit a new 52-week high today at Rs.553.55 and continues to remain strongly in the green, up over 18%. Volumes are up over 4 times.

This sudden spike up in the stock price of Deepak is on account of the Board meeting scheduled for 2^nd May for consideration of its first bonus issue and it is also going in for a stock split of its equity shares, from face value of Rs.10 to a lower denomination.

The company manufactures Organic, Inorganic, Fine & Speciality chemicals and is the partner of choice for several global chemical majors. Headquartered at Vadodara, Gujarat, it is a multi-division and multi-product company with manufacturing facilities at Nandesari & Dahej in Gujarat, Roha and Taloja in Maharashtra, and at Hyderabad in Andhra Pradesh.

The company, at end of FY13 was sitting on reserves of Rs.269 crore and equity capital stood at Rs.10.45 crore.